Two of Canada’s top energy producers prioritize investors over growth — for now
Financial Post · James Rose ·
Canadian Natural will hand all its spare cash to shareholders, while Tourmaline buys back shares and launches a spinout
Canada’s largest oil producer and largest natural gas producer reported third-quarter results on Thursday indicating a shared choice of rewarding their shareholders over new growth projects.
Canadian Natural Resources Ltd. said it paid down its debts in the quarter allowing the company to henceforth direct all of its free cash flow, the money left over after running the business, paying taxes and royalties, and paying for new projects, to buying back its own stock.
Tourmaline Oil Corp. said it, too, views its shares as undervalued and is buying them back, while it waits out a weak home market for natural gas.
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